Twin Capital Management Inc. cut its position in Zions Bancorporation NA (NASDAQ:ZION) by 74.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,060 shares of the bank’s stock after selling 77,050 shares during the quarter. Twin Capital Management Inc.’s holdings in Zions Bancorporation NA were worth $1,198,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Interstate Bank acquired a new stake in shares of Zions Bancorporation NA in the 1st quarter valued at about $27,000. Buffington Mohr McNeal acquired a new stake in shares of Zions Bancorporation NA in the 1st quarter valued at about $30,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Zions Bancorporation NA in the 2nd quarter valued at about $35,000. Amica Retiree Medical Trust acquired a new stake in shares of Zions Bancorporation NA in the 2nd quarter valued at about $39,000. Finally, Valeo Financial Advisors LLC boosted its position in shares of Zions Bancorporation NA by 48.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 898 shares of the bank’s stock valued at $41,000 after purchasing an additional 295 shares during the period. 95.25% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on ZION. Keefe, Bruyette & Woods cut Zions Bancorporation NA from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $53.00 to $47.00 in a research report on Tuesday, July 23rd. Wells Fargo & Co cut Zions Bancorporation NA from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $62.00 to $50.00 in a research report on Monday, July 22nd. BMO Capital Markets decreased their price objective on Zions Bancorporation NA to $47.00 and set a “market perform” rating for the company in a research report on Tuesday, July 23rd. Zacks Investment Research cut Zions Bancorporation NA from a “buy” rating to a “hold” rating and set a $46.00 price objective for the company. in a research report on Thursday, June 27th. Finally, BidaskClub cut Zions Bancorporation NA from a “hold” rating to a “sell” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Zions Bancorporation NA has a consensus rating of “Hold” and an average price target of $52.56.
In other news, insider Mark Richard Young sold 2,386 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $43.93, for a total transaction of $104,816.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James R. Abbott sold 1,988 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $45.83, for a total value of $91,110.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,615 shares of company stock valued at $1,197,961. Company insiders own 1.70% of the company’s stock.
Zions Bancorporation NA stock traded up $1.00 during mid-day trading on Friday, reaching $40.20. 2,268,700 shares of the company were exchanged, compared to its average volume of 3,120,201. Zions Bancorporation NA has a twelve month low of $38.08 and a twelve month high of $54.76. The firm’s 50-day simple moving average is $44.18 and its two-hundred day simple moving average is $46.51. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $7.02 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 1.17 and a beta of 1.49.
Zions Bancorporation NA (NASDAQ:ZION) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.10). The company had revenue of $701.00 million for the quarter, compared to analyst estimates of $723.21 million. Zions Bancorporation NA had a return on equity of 12.26% and a net margin of 26.99%. During the same period in the previous year, the business posted $0.89 earnings per share. As a group, equities research analysts anticipate that Zions Bancorporation NA will post 4.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.38%. This is an increase from Zions Bancorporation NA’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, August 14th. Zions Bancorporation NA’s dividend payout ratio is 33.33%.
About Zions Bancorporation NA
Zions Bancorporation, National Association provides various banking and related services primarily in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers community banking services, such as small and medium-sized business and corporate banking; commercial and residential development, construction, and term lending; retail banking; treasury cash management and related products and services; residential mortgage servicing and lending services; trust and wealth management services; capital markets services, including municipal finance advisory and underwriting; and investment services.
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